Maple Centre SR 169 & SE 240th St., Maple Valley, Washington 50 ACRES Scott Clements 206.445.7664 206.793.1074 [email protected]P C E David Butler 206.445.7665 425.890.7919 [email protected]P C E www.orioncp.com Dan Foster 206.445.7662 425.260.4260 [email protected]P C E Matthew Hinrichs 206.445.7663 206.852.3325 [email protected]P C E Subject Property Witte Rd SE SE 231st St SR 169 SE 240th St.
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Maple CentreSR 169 & SE 240th St., Maple Valley, Washington 50 ACres
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through ORION Commercial Partners LLC. The above information, while not guranteed, has been secured from sources we believe to be reliable.
1 EXECUTIVE SUMMARY
2 SITE OVERVIEw
DEVELOPMENT POSSIBILITIES & PRICINg
MARkET OVERVIEw
5 DEMOgRAPHICS
ADDITIONAL RESOURCES & REPORTS
3
4
6
Maple Centre | ORION Commercial Partners | 3
EXECUTIVE SUMMARY
THE OFFERINg
The Brandt Properties, LLC, land holdings are the largest privately held contiguous undeveloped property within the Maple Valley City limits (50 Acres). Held by the property owner for decades, the time is right for development of this land.
Located in the north end of the City, the site is ideally situated near the intersection of two State Highways. The property is located adjacent to Highway SR 169 (aka the Maple Valley Highway) and will be directly connected to the Highway SR 18 Interchange by way of a SE 231st Street road connection. Once constructed, SE 231st St. will provide another major access to the Brandt Property site.
The Brandt Property consists of 11 separate tax parcels reconfigured in anticipation of future development by means of a Boundary Line Adjustment recorded in 2012. The property was rezoned in 2012. (Ordinance #O-12-512). Approximately 10 acres of the property along SR 169 is zoned Community Business (CB), the City’s zoning designation for retail development. The majority of the property, approximately 35 acres, is now zoned Service Commercial (SC) which is a more flexible zoning established to promote the ability to attract an employment and retail center to the north end of town. The SC Zoning allows up to 85’ tall buildings. (Ordinance #O-12-513). The SC Zoned property is mostly level and the dirt is ideally suited for year round development.
There are no wetlands or endangered species on the property as verified by Geotechnical and Biological Assessments (see Additional Resources). The Brandt Site is poised and ready for development. The City has demonstrated a proactive approach to development, and recently merged planning and departments to facilitate faster and easier permitting and plan approvals. Now is the time to get in on the ground floor of the exciting possibilities that this site presents!
INVESTMENT HIgHLIgHTS
•50.82 acres offered at $15,500,000 ($7.00/sF).
•Almost entirely usable with very level topography.
•Two zonings - CB (Community Business) and SC (Service Commercial) are flexible, allowing a diverse array of uses. (rezoning is a future possibility.)
•High income and rapidly growing area.
•Short drive outside of booming Seattle metro job market.
•Top-ranked school district and amazing public community - recreational facitilies.
Subject Property
Maple Centre | ORION Commercial Partners | 4
EXECUTIVE SUMMARY
ABOUT MAPLE VALLEY
Maple Valley is a young, vibrant, rapidly growing City located in Southeast King County approximately 30 miles southeast of Seattle. Maple Valley is strategically located at the crossroads of two major state highways, SR 169 & SR 18 near the north end of town, with a third state highway SR 516 (Kent-Kangley Road) near the southern city border. Highway 18 & SR 169 provide convenient access to three Interstate Highways, I-405, I-90 & I-5, with major shipping routes to the North, East, South & West.
The City Council has made economic development a top priority and has hired an experienced, economically savvy City Manager, David Johnston, whose mandate is to attract desirable businesses and employers who can provide “living wage” jobs to the City. City Staff has made commercial development its top priority. Businesses looking to relocate within the City limits are greeted with open arms. Staff attitude is ‘we will work with developers to ensure a project comes to fruition.’
The City incorporates the best of both worlds, suburban & rural. Maple Valley is located within the Urban Growth Boundaries, yet borders the rural designated land to the east with close proximity to nature and all the recreational activities for which the Northwest is renowned. Lake Wilderness Park is situated in the heart of the City and draws visitors from throughout the area. The Cedar River, with the largest sockeye salmon run in the lower 48 states, skirts the City limits. A King County Trail system runs through the heart of the City. The surrounding area is opportune for hiking, hunting, fishing & boating. Ski areas are within a 45 minute drive.
Incorporated in 1997, the City population has increased by 48% since 2000. The explosion of residential growth in the City has led to a demand for retail services and employment opportunities that have not kept pace with the population increase. The residents of Maple Valley are well educated with 95% High School graduates and 40% with Bachelor Degrees or higher. The City has been nationally recognized as a great place to raise a family, both by Family Circle in 2011 & by Nerd Wallet in 2013.
The Tahoma School District is highly rated (Top 10 in the State) and attracts many families looking for quality education to the area.
The District is committed to providing cutting edge educational opportunities to students. Their programs & education model have been emulated by other Districts in the State. The draw of the Tahoma School District is reflected in the census data that shows 28.2% of the City population is under the age of 18. Tahoma High School has a sophisticated robotics program. Tahoma High’s “We the People” team consistently represents the State of Washington in national American Government competitions. Many students at the High School challenge themselves with AP college credit classes or attend Running Start programs at nearby Green River Community College. The City is in progress on developing a technical High School Campus in conjunction with private companies, which will pilot innovation and new business incubation.
The District has recently passed a bond issue that will be used to construct a state-of-the-art High School campus and modernize a number of elementary & middle schools.
New Tahoma High School Design Concept
Maple Centre | ORION Commercial Partners | 5
SITE OVERVIEw
SR 169Witte Rd SE
Subject Property
SE 231st St
Lake WildernessElementary
SE 240th St.
Maple Centre | ORION Commercial Partners | 6
SITE OVERVIEw
• Direct access to SR 169• Signalized intersection at SE 240th• 1,500 feet of State Highway
frontage• Largest privately held contiguous
undeveloped land in city limits• 11 separate tax parcels• 3/4 mile from SR 18 interchange• Future road connection to SR 18 &
SR 169 interchange (corridor study in progress)
• Year round building site - great soils (geotech report completed)
• Traffic study completed• No wetlands or endangered
species on site (critical areas & biological assessment completed)
• Mostly level site• Water & sewer availability
certificates procured
SITE ATTRIBUTES
Protected Area
Hayes Gravel Pit(future
development site)
ADT 21,000
ADT 33,000
ADT 34,000
Lake Wilderness
Witt
e Rd
SE
Concept Plan
Potential Future Road Connection
SR 169
SE 231st St
SE 240th St.
Maple Centre | ORION Commercial Partners | 7
SITE OVERVIEw
Despite abundant natural forestland surrounding the city, very little developable land is available for either commercial or residential development. The Puget Sound in general is often likened to the Bay Area in terms of development constraints, being similarly bounded by many bodies of water and wetlands, mountains and other topographical challenges, and a narrow swath of mostly previously developed land that is served by a limited number of highways. The City of Maple Valley and it’s corresponding Trade Area is in particular constrained on land supply, as it borders seven natural growth protected areas (see Page 8) and within the City is almost entirely developed City Property and single family homes.
Legend
(CB) Community Business
Multiple Use
(BP-C) Business Park w/
Conditions
Residential
City Limits
Summit Place
New High School
Regional Learning
Center
Four
Corners
Shopping
Center
(SC) Service Commercial
FUTURE DEVELOPMENT CONSTRAINTS
Historic Resort Lodge is now a Community Center, at the Center of Lake Wilderness Park
A short walk from the Brandt Property off the very heart of the City of Maple Valley, Lake Wilderness Park is the recreational family room for the area. It hosts water activities, incredible community gathering sites, hiking/orienteering, golfing, an arboretum, a stunning new library, a wildly successful farmer’s market, and a host of other great activities and resources.
The City of Maple Valley is staunchly committed to the cultivation and preservation of this public amenity as part of their objective to make the City the most livable community in the area, and attract jobs. The acre facility dominates the heart of the City, forever greenbelting a large chunk of land.
City Owned
Legacy Site
Incubation Site
Subject Property
(PRO) Parks, Rec & Open
SPOTLIgHT: LAkE wILDERNESS PARk
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SITE OVERVIEw
Seattle
Federal Way
Tacoma
East RentonHighlandsRenton
Auburn
Covington
Black Diamond
Issaquah
Enumclaw
Snoqualmie
North Bend
Natural Growth Boundaries
& Protected AreasKent
516
515
Dorre Don Natural Area
Rock Creek Natural Area
Henry’s Ridge Natural Area
Black Diamond Natural Area
MAPLE VALLEy
Cougar MountainRegional Wildland Park
Squak MountainState Park Natural Area
Tiger Mountain State Forest
164
Puget sound
Lake Wash.
Seattle-TacomaIntl. Airport 169
169
167
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DEVELOPMENT POSSIBILITIES
SAMPLE ALLOwABLE USESHIgHLY FLEXIBLE zONINgThe City of Maple Valley is currently undergoing a Comprehensive Plan Update, which they expect to have completed by Spring of 2015. Given the fluid nature of how the Plan may be updated, an opportunity is present for any committed buyer to be part of the conversation to ensure that Allowable Uses under City Code broadens. Currently the two zonings are among the most flexible within the City’s Zoning Code, especially the Service Commercial (SC) zoning which is regarded by all to be the most flexible and permissive within the City including 85 feet height limits. Review of the Zoning Codes of other surrounding suburban cities shows that the City of Maple Valley’s Code is competitive in the marketplace and that they are a leader in real estate development.
The City is working on a new PUD Ordinance that will allow development of a flexible plan that may include residential without undertaking any rezoning process.
Potential Site Plan Concept
Potential Uses CB sC
Family Child Care X
Car Wash X X
Child Day Care/Adult Day Care
X X
Eating/Drinking Establishment
X X
Fueling Station - Retail X X
Medical/Dental Clinic X X
Veterinary Clinic X X
Self-Storage X X
Office/Bank/Financial Institution
X X
Graphics/Reproduction X X
Personal Services X X
Health Clubs, Fitness Centers, Spas
X X
Retail - General X X
Theater/Bowling Alley/Arcade
X
Vehicle Repair - Minor X
“We expect good growth [in the Puget Sound area]...due to the national
recovery and an increase in foreign exports.”
- Dick Conway, Leading Economist, Puget Sound Region
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MARkET OVERVIEw
SEATTLE PUgET SOUND REgIONAL OVERVIEw• Seattle is home to 12 Fortune 1000 companies: Costco, Boeing,
Microsoft, Amazon, PACCAR, Starbucks, Nordstrom, Weyerhauser, Expeditors International, Alaska Air Group, Puget Sound Energy and Liberty Mutual.
• The area is also home to five of Fortune Magazine’s 50 most admired companies in the world - Amazon, Starbucks, Nordstrom, Microsoft and Costco.
• A diversified economic base of high tech companies ranging from gaming and software to life sciences, manufacturing and aerospace technology generates the demand for space in the Puget Sound Region.
• According to the Census Bureau, from July 1, 2012 to July 1, 2013, Seattle grew faster than any other major American city, growing by 2.8% - the highest rate among the 50 most-populous U.S. cities.
• Imports entering the United States’ distribution system at the Ports of Tacoma and Seattle also factor into the region’s economic health.
• Amazon• Nordstrom• Wells Fargo• Russell Investments• Disney• Safeco Insurance• HomeStreet Bank• Bank of America• Perkins Coie• Boeing• PACCAR• Facebook
• Microsoft• Google• T-Mobile• Expedia.com • Puget Sound Energy• Symetra Financial• Eddie Bauer• Davis Wright Tremaine• Zillow• Bill & Melinda Gates Foundation• Docusign
MAjOR PUgET SOUND COMPANIES
“Northend”
“southend”
“eastside”
Subject Property
TacomaCBD
Maple Centre | ORION Commercial Partners | 11
MARkET OVERVIEw
LARgEST EMPLOYERS IN wASHINgTON
Employer Name # of Full-Time Employees in WA
The Boeing Co. 82,000
Microsoft 40,686
University of Washington 26,978
Walmart Stores 18,011
Amazon.com 18,000
Fred Meyer Stores 14,300
King County Government 13,448
Providence Health and Services 12,225
United States Postal Service 11,998
Starbucks 10,166
Swedish 9,825
City of Seattle 9,631
Multicare Health System 9,103
Franciscan Health System 8,518
Costco Wholesale Corp 8,267
Group Health Cooperative 8,225
Nordstrom 8,189
Alaska Air Group 6,606
Target 5,920
POPULATIONKING COUNTY Seattle is located in King County, Washington, and is situated in the northwest corner of the United States in the heart of the Puget Sound region. The region is the thirteenth largest metropolitan area in the country. King County is home to more than 2 million people, living in 39 cities and unincorporated areas. King County has a varied topography from sea level to 6,270 feet. To the west is the Puget Sound and to the east are the Cascade Mountains. The City of Seattle is the King County seat and the Northwest’s largest city. Seattle is 100 miles south of the Canadian border and 165 miles north of the Oregon border.
King County had over 790,000 households in 2011. According to the country’s planning policies, this number is expected to increase by nearly 10%, bringing the total households to 868,000 in the year 2022. The county currently has 18 cities with populations greater than 20,000 including Maple Valley.
CITY OF MAPLe VALLeYLocated near the geographic epicenter of King County’s Southend home market, Maple Valley is connected to the three major regional employment centers (Seattle, Bellevue, & Tacoma) via Highways 18, 516, and State Route 169, all of which run through the City. Maple Valley has a higher number of persons per household than King County and the State of Washington, consistent with it’s historical profile as a predominantly bedroom community. A majority of the residents live well beyond walking distance from the city center (as measured by the distance to city hall), while the fastest growth rate of housing, however, is for households only 1 mile away from City hall. The gradual decline in the growth of houses by distance shows an increasing favoritism for living in or close to the city center. These households would be price candidates for in town retail shopping, entertainment, and employment. The city estimates the trade area population of Maple Valley between 65,000-94,000.
• Strong household formations with high income levels.• Connectivity to job markets and solid educational attainment.• City’s committment to Town Center/livability by the subject site.
Maple Valley also compares favorably with King County and Washington when it comes to education and income. The Median household income in Maple Valley is $95,085, over 35% more than King County’s median income. Maple Valley’s housing stock is affordable compared to other communities in King County. As census values show, the mean value of owner-occupied housing units from 2007 to 2011 is 17% lower than King County at only $342,000.
Maple Centre | ORION Commercial Partners | 12
MARkET OVERVIEw
DISTANCES FROM SITE
To Distance in Miles
Bellevue 21.5
Seattle 26.6
Tacoma 26.3
Auburn 12.5
Renton 12.6
SeaTac Airport 18.8
Issaquah 11.9
Kent 10.0
Redmond 28.9
Covington 4.1
Port of Seattle:
Bell Harbor Marina 21.0
Fisherman’s Terminal 24.2
Federal Way 19.1
Black Diamond 6.1
Enumclaw 13.7
Snoqualmie Pass 42.5
North Bend 18.2
Distances gathered from Google Earth Direction Finder
Burien
white Center
Sammamish
Mercer Island
NorthBend
Black Diamond(6 mins.)
Issaquah(24 mins.)
169
18
509
90
169
Redmond
Snoqualmie
410
Bellevue(36 mins.)Seattle
(37 mins.)
Renton(24 mins.)
SeaTacAirport
Des Moineskent
516
167
Federal way Auburn
Tacoma(30 mins.)
MAPLE VALLEyCovington
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Radius 1 Mile 3 Mile 5 MilePopulation:
2019 Projection 6,932 40,631 73,901
2014 Estimate 6,399 37,726 68,921
2010 Census 6,047 36,363 67,439
Growth 2014-2019 8.33% 7.70% 7.23%
Growth 2010-2014 5.82% 3.75% 2.20%
2014 Population by Hispanic Origin 288 2,567 4,363